Notes to OP Financial Group Financial Statements

RISK EXPOSURE OF NON-LIFE INSURANCE

 

Note 101. Insurance contract liabilities by estimated maturity


31 Dec. 2014, EUR million 0–1 yr 1–5 yrs 5–10 yrs 10–15yrs over 15 yrs Total
Provision for unearned premiums* 371 107 19 5 9 511
Provision for unpaid claims

Undiscounted 261 180 48 9 3 501

Discounted 95 431 325 246 523 1,621
Total insurance contract liabilities** 727 717 392 261 536 2,633

* Includes EUR 38 million in discounted liability.

** Excluding the value of derivatives hedging the interest rate risk associated with insurance liabilities.


31 Dec. 2013, EUR million 0–1 yr 1–5 yrs 5–10 yrs 10–15yrs over 15 yrs Total
Provision for unearned premiums* 349 100 18 5 9 481
Provision for unpaid claims

Undiscounted 264 183 49 9 4 508

Discounted 93 418 311 232 474 1,527
Total insurance liabilities 707 701 377 246 486 2,517

* Includes EUR 37 million in discounted liability.